Agenda - Council - 09/27/2011 - Special

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"Completion Date" means the earlier of (a) the date Developer Completes construction of the Minimum Improvements; or (b) the "Completion Date" as defined in the Development Agreement; provided, however, if a Developer's completion of construction of the Minimum Improvements is delayed as a result of an "Unavoidable Delay," as defined in the Development Agreement, the Developer gives the HRA notice of the Unavoidable Delay within thirty (30) days after the onset of the Unavoidable Delay and the Developer uses all commercially reasonable efforts to complete the construction of the Minimum Improvements as promptly as reasonably possible given the conditions causing the Unavoidable Delay, the Completion Date, as defined herein, will extend for a period of time equal to the duration of the condition causing the Unavoidable Delay plus a reasonable time for recovery and restoration following the cessation of such condition. "Construction Cost Statement" means the Sworn Construction Cost Statement referred to in Section 2.3 hereof executed or to be executed by the Developer and the General Contractor. "Construction Contract" means that certain agreement dated , 201_ between the Developer and the General Contractor. "Contractor" means any Person including, without limitation, the General Contractor, that has a contract or subcontract under which payment may be required for any work done, materials supplied, or services furnished in connection with the design, construction and /or completion of the Minimum Improvements. "Corporate Guarantor" means Flaherty & Collins Construction, Inc. "Corporate Guaranty" means that certain Corporate Guaranty bearing even date herewith executed by the Corporate Guarantor in favor of the HRA pursuant to which the Corporate Guarantor has unconditionally guaranteed the full payment and prompt performance of Loan No. 1 and all obligations of the Developer under the Loan Documents related thereto. "Default" means any Event of Default or the occurrence of any event which, with the giving of notice or the lapse of any applicable grace period, or both, would be an Event of Default. "Development Agreement" means that certain Development Agreement by and among the Developer, the HRA and the City of Ramsey, Minnesota dated as of , 2011, and recorded in the office of the Anoka County Registrar of Titles on as Document No. "Development Property" means Lot 3, Block 1, COR ONE, Anoka County, Minnesota and all improvements constructed thereon. "Draw Request" means a Draw Request and Draw Request Certification in the form of Exhibit A hereto. "Environmental Laws" shall mean, collectively, all applicable federal, state, local and foreign laws, common law or regulations, treaties, orders, decrees, permits, licenses, authorizations, judgments or injunctions issued, promulgated, approved or entered thereunder, 2695614v12 A -2